Ukraine’s President Petro Poroshenko poses with European Commission President Jose Manuel Barroso (L) and European Council President Herman Van Rompuy (R) at the EU Council in Brussels June 27, 2014 (Reuters / Stringer)

Ukraine has signed the European Trade Association Agreement, the document that sent the country into a political frenzy when not signed eight months ago to this day. RT gives you the basics on how this will affect the economy of both from here on out.

The document contains 31 signatures – Ukraine, all 28 EU member states, as well as that of the President of the European Council Herman Van Rompuy, and European Commission President Jose Manuel Barroso. The agreement will only come into force when it is ratified by every national parliament in the EU. It is expected that the ratification process will be complete by this fall.